Welcome to NFPE Bhimavaram


Send latest circulars/news/articles that you wish to share on this blog
to " nfpebhimavaram@gmail.com " with your name,email,mobile.

January 26, 2017

NEW INCOME TAX SLABS FOR 2016-17

CIRCULAR NO : 01/2017
F.No.275/192/2016-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi
Dated the 2nd January, 2017

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

Reference is invited to Circular No.20/2015 dated 02.12.2015 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961 (hereinafter 'the Act'), during the financial year 2015-16, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2016-17 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department- www.incometaxindia.gov.in.

2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2016:
As per the Finance Act, 2016, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2016-17 (i.e. Assessment Year 2017-18) at the following rates:

2.1 Rates of tax
A. Normal Rates of tax:




B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:


C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:





Disclaimer:
The information contained in this website/blog is for information purpose only. This blog Author/Admin is not responsible for the accuracy, reliability and completeness of information provided in this website/blog. By viewing/reading this website/blog, you are accepting this.
--- Admin.
© 2016. NFPE BHIMAVARAM. sITE MAINTAINED BY A.ASHOKKUMAR,SPM,RAYAKUDURU-534247


Site is best viewed in Google Chrome. Last updated on 10-Jun-2017